Dispatches: Dealer groups get keener on lock-ins

It is likely that more dealer groups will begin offering greater financial incentives to lock in member firms or take minority equity stakes in their practices in order to retain advisers, broker firm Kenyon Prendeville director Alan Kenyon has said. The comments come on the back of an offer made by Genesys Wealth Advisers to its member firms this week, in which it would provide additional financial incentives that would only be maximised should member firms stay locked into the dealer group for a period of five years. (Investor Daily)

Investors who lost their savings in the collapse of Storm Financial will today file a class action against the Commonwealth Bank. (The Australian)

Banks are under pressure to abolish exit fees from small business loans, after a Senate committee found lenders were exploiting weak competition for business customers. (The Age)